HomeMy WebLinkAbout0947 1 w•iU m3ke my monthly payments at 2.~ 2~.1 LAS RAMB LAS , MI SS l ON V I E J0, CAL I FORN I A 92691
ur ;~t a different plare if rryuireci by the Note Nolder. , •
~ui ~i:.~iuT: i~ ~i:iuau:j :~u: u~. ::S
, 479.25 Thr Notr Hulder will rhan ~e m
My monthly payment will t~ in the amuunt af U.S. 5 .
monthly payment as required by Sertion 4(C) t>elow on the 6th lnteresi Change Date and on that da~ r~cry ?6th month
thereafter. Each ot these dates is called a"Payment Changr Date." The Note Holder will also change m}• monthl~~
payment on any (nterest Change Date if Srction 5(f3) below~ requirc~ me t~~ pa~• the Full'1-lonthl} Am~~unt.
(C~ Calculation ot ~lonthly Payment Changes
Befi~re each Payment Change Date, the Note Holder will ralcul:~te a neH monthl} ~ayment ~uflir~rnt t~~ rrp~} the
w~paiu pi i~~ciE,ai ~,u~~n~r vu ~ur ioau i~~ iuii o~~ c~~~ ~~.a,;:^:~ :.~ate at the Ya}~ment Rate in substani~all~~ eyual pa} ments. Thr
"Yayment Rate" is the sum c~f the Index figures un the h~•e Intere,t Chanae Dates prerreding Pa} rnent Changr Datr ~lus
Current lndex, di~ided b~• the numher b, pluti pcrcentage puintt (2_525......~~~, n~undeei to thc nrarrst
une-eighth of one percentage Ex~int (0.125~"~
1 w•ill pa}• the amount of my new monthly pa~ment until thr nrrt Pa~mrnt Change D.itr unle,~ Sectiun 5(f~) t~lo~?
reyuires me to pay the Fuli Monthly Amount.
(D) Effective Date of Payment Changes
Until m}~ monthi~~ pa~ment is ~gain changed, I w~ill ps}~ the :~muunt of my neH monthl}~ ~ayment each muath
bc:g~nning on the first monthiy payment date after ihe P~tyment Change Date, ~ir Interrst Changr Date if 1 am rryuired to
pa~• the Full Monthiy Amount.
S. Util'AID PRItiCIPAI. BALA\CE
( 4) Changes in ~fy Unpaid Principal Balance
My monthly pa}~ment could be less than the amc~unt of the intere,t purti~~n uf the tirst Full '~lunthl~ Am~~unt 1 c~we or
lc~s than the interest portion of m~• first Ful( Llonthl}• Amount aftrr an Inter~st Cha~zge Date. If.n, the Nute Holder ~~iil
,ubtract the amount of m}~ monthl~• pa~~ment trom the amount ~~f interest T owe and will add the difference to m~• un~aid
principal balance earh month until thr next lntere,t Change Date. The Note Holder µ ill ab~~ add intercst un the ameiunt of
this difference to m} unpsid prin~ipal balanre r~irh munth. L'ntil the next Interest Ch~nge nate ~~hrn the :tii~te Nc~lder
determinrs m~• nea rate of interest on m~~ then unpaid princ~pal hsl:~nce, the rate ot~ ~nterr~t c~n the intrre,t a~lded to
pri~iripal w•ill be the rate determined in Sertion 2 abo~e.
M}~ monthl~~ payment rould be more than the am~~unt of the Full Mc~nthi}• Am~~wit. If u~, thr Votr Fi~~lder ~iill
~ubtract the difference from th, unpaid principal b~lan~e ~~f m}~ loan ra~h m.~nth unh; the next Intrr~°.t ~'hange D~tr a~ if 1
had made a partial prepa}~ment under Sertion 7 brluH~.
lB) I.imit on tJnpaid Principal Belance; Required Full ~fonthly~ Amount
M~~ unpaid prinripai balance can never exceed a mssimum am~~w~t eyual tc~ une hundrrd t~~ent~-ti~r ~rrr~nt 11'S~~)
of the prinripa! amount 1 originally~ borro~~•ed. If m~ p3} ing the amount of m} munthl} pa~ ment after an~ Interc,t Change
Date aould rause the unpaid ~rincipal balance to e~reed that maximum amuunt at .in} time, 1 must pa~ in.trad the Full
~ ti~onthl}• Amount as my monthl}• pa~ment until the nest Y:~yment Change Date.
~ 6. `OTICE OF CHAtiGES
~ "The Note Holder w•ill mail or deli~rr to me a notire c~f :~n~~ chsng~~ in the f~ull ~1.inthl} Amc~unt and m~ manthl~
~ pa~ment t~efore the effective date ot~an~~ change. The notire Hiil include informatiun reyuired b~~ 13H to br gi~en me and
! also the title and telephone number of a person w•ho «ill ans~~•rr an}• yuetitian 1 ma} ha~e regarding the notire.'
i
i B. CHARGES; LIEtiS
~ ~
Uniform Co~enant 4 of the Security~ lnstrument i~ amended ta read as follow~ti: ;
4. Charges; Liens. Borrower shall pa}~ all taxes, assessments, and other charges, hrtes and ~mpenit~c~ns attributab~e tc~ Ihe
; Pro~rt}• µ~hich ma}~ attain a pnorit}~ o~er this Serurit}' Instrument, and :ea.ehold pa~ ments or ground rents, il an}, in the
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manner pro~ ided under paragraph 2 hereof or, if not paid in such m3nner, b}~ Borrow~er uiaking pa} ment, w hen due,
directly to the payee thereoC BormH~er shall promptl}~ furnish to Lendrr all no!ices of an?ount, due under this para2raph.
' snd in the e~ent Borro«•er shall make pa}~ment directly, Borruwer shall promptl~~ furnish to Lender recei~ts e~~idencing
E such pa}~ments. Borrow~er shall pmm~tly~ discharge an}~ lien w•hich has pnorit}• over this Security Instrument; pm~~ided,
~ that Borrow~er shall not be reyuired to discharge an}• such lien so long as Borrower. (a) shall agree in w•riting to the
~ pa}•ment of the obligation secured b}~ such lien in a manner acceptable to Lender; (b) shall in good faith contest surh lien ~
;
€ by, or defend against enforcement of such lien in, legal proceedings w~hich in the opinion of Lender operate to pre~ent the - ;
~ enforcement of the lien or forfeiture of the Pro~rty or any part thereof; or (r) shall secure from the holder of such lien an '
~ agreement in a torm satisfactory to Lender subordinating such lien ro this Securit~~ Instrument.
€
~ If Lender determ~nes that all or an}• part of the Property is subject to a lien w~hich may attain a pri~rit}~ o~er this Securit}•
; Instrument, Lender shall send Borrow•er notice identifying such lien. Borro~?~er shall sahsfy such lien or take ~ne or more of
the actions set forth above w ithin ten days of the gi~•ing of notice.
~ C. NOTICE
Uniform Covenant 14 of the Security Instrument is amended to read as follow~:
14, tiotice. Except for any~ notice reyuired under applicable law~ te be gi~en in another manner, (a) an~~ notice to
: Borrower provided for in this Secunty tnstrument shall be given bp deli~~ering it or by mailing it b~~ first class mail
addressed to Borrow~er at the Property Address or at such other address as Borrower may~ designate b}~ notice to Lender as
pro~•ided herein, and (b) any notice to Lender shall be given by first class mail to Lender's address st3ted herein or to surh
other address as l,ender may designate by notice to Borrower as provided herein. Any notice ~ro~ided for in this Securit~~
Instrument shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
k D. Uiti'IFORM itiiORTGAGE; GOVERNING LAW; SEVERABILITY
~ Uniform Covenant I S of the Security Instrument is amended to read as follow~s:
15. Uniform Mortgage; Governing Law; Severability. This form of Security Instrument combines uniform :.o~~enants
for national use and non-uniform covenants with limited ~~ariations by jurisdiction to constiwte a uniform secunt}~
instrument covering real properiy. This Security Instrument shall be governed by federal law and the law of the
jurisdiction in w•hich the Property is located. In the event that any provision or clause of this Secunty Instrument or the
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